Picton to sell City fringe office campus

Picton has brought to market its Angel Gate office campus in the City fringe, near Angel and Clerkenwell. The freehold to the 1.7-acre site on City Road, EC1, is being presented with the potential to reposition the premises. EG understands that offers are expected in the £25m-£30m range. The premises offer 64,765 sq ft of office accommodation, with outdoor amenity space and a basement car park. The passing rent for the office space is around £21 per sq ft, equating to £1.3m per annum. The REIT has secured residential consent for the site through permitted development rights across 50% of the space, including the vacant accommodation. The remaining space has potential for residential conversion on expiry of the occupational leases. CBRE has been appointed to market the site. Tom Moore, senior director at the agency, said the site “presents a unique opportunity to pursue a de-risked office-to-residential conversion in Zone 1”. He added: “Equally, being so well located, only five minutes from Angel Underground station, we expect that the property will appeal to investors in the flexible office sector in addition to other alternative uses.” Tim Hamlin, director of asset management at Picton, said: “Having secured residential consents over half the space, and the exemption from the new article 4 direction at the end of last year, we decided it was time to bring the asset to the market and enable the future potential to be realised.” To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews View other availabilities in Islington >> Photo from CBRE